A located field experiment was carried out to study the effects of different amount of chemical fertilizer usage on rice yield, economic benefits of rice, soil carbon(C) and total nitrogen (TN) under ploughing back of Chinese milk vetch for 5 consecutive years. Six treatments were included in the experiment, they are CK (unfertilized), CF (100% chemical fertilizer with the amount of N, P2O5, K2O being 150, 75, 120 kg/hm2 respectively), A1 (22 500 kg/hm2 Chinese milk vetch and 100% chemical fertilizer), A2 (Chinese milk vetch and 80% nitrogen and potassium fertilizer and 100% phosphate fertilizer), A3 (Chinese milk vetch and 60% nitrogen and potassium fertilizer and 100% phosphate fertilizer), A4 (Chinese milk vetch and 40% nitrogen and potassium fertilizer and 100% phosphate fertilizer). The results were as follows: application of fertilizer could increase the yield of rice, while Chinese milk vetch combined with fertilizer application had a much more increase effect in rice yield. Under the condition of milk vetch application with 22 500 kg/hm2, the early rice yield of the treatment A1 was significantly increased by 7.7% compared with that of CF. And the yield of treatment A3 was basically identical to or slight increase in comparison with that of CF. Decreasing amount of fertilizers cloud improve output value of rice in the case of the utilization of Chinese milk vetch. The treatment A1 increased output value of rice by 5.92% in comparison of CF, and treatment A2 was by 4.08% in the next. Treatment A4 showed much better effect in increasing soil organic carbon and total nitrogen in the paddy soil than those of treatments applying mineral fertilize only. There was a significant reduction on soil organic carbon and TN in treatment A2 in comparison with that of CF. In general, amount of application of milk vetch with 22 500 kg/hm2 could replace chemical fertilizer partially, it also could improve rice yield, decrease the production cost, and raise the utilization efficiency of nutrients.